Snap Inc (NYSE: SNAP) announced on Monday that it has reached 1 million subscribers on Snapchat+, the social media platform’s paid subscription program, just a little over six weeks since its launch in late June.
The milestone was announced along with new features for its paying subscribers, including prioritizing replies of Snapchat+ subscribers to ‘Snap Stars’ or creators, the option to select a ‘sign-off’ emoji at the end of their Snaps, exclusive Bitmoji backgrounds, and the option to customize the home screen icon.
The subscription service is priced at $3.99 a month, and while 1 million subscribers might sound tiny next to the social media platform’s 347 million daily active users, the uptake over the relatively short period is promising.
Like other social media platforms, Snap aims to find other ways to grow revenue, relying less on ad sales. Twitter is currently doing the same thing with Twitter Blue, which costs $4.99 per month.
Snap last traded at $12.38 on the NYSE.
Information for this briefing was found via Snap and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.